Prospector Partners LLC purchased a new stake in Associated Banc-Corp (NYSE:ASB) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 151,200 shares of the bank’s stock, valued at approximately $3,667,000. Prospector Partners LLC owned 0.10% of Associated Banc as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Wedge Capital Management L L P NC boosted its stake in shares of Associated Banc by 0.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 27,159 shares of the bank’s stock valued at $684,000 after purchasing an additional 123 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Associated Banc by 1.0% in the 2nd quarter. Citigroup Inc. now owns 16,135 shares of the bank’s stock valued at $407,000 after purchasing an additional 155 shares during the last quarter. World Asset Management Inc boosted its stake in shares of Associated Banc by 2.5% in the 2nd quarter. World Asset Management Inc now owns 9,629 shares of the bank’s stock valued at $243,000 after purchasing an additional 236 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Associated Banc by 3.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 12,169 shares of the bank’s stock valued at $307,000 after purchasing an additional 384 shares during the last quarter. Finally, Utah Retirement Systems boosted its stake in shares of Associated Banc by 1.8% in the 2nd quarter. Utah Retirement Systems now owns 27,628 shares of the bank’s stock valued at $696,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 76.61% of the company’s stock.
A number of equities research analysts have recently commented on ASB shares. Jefferies Group reaffirmed a “hold” rating and issued a $27.00 price objective on shares of Associated Banc in a research note on Friday, August 11th. BidaskClub lowered shares of Associated Banc from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $26.00 target price on shares of Associated Banc in a research note on Tuesday, August 22nd. Robert W. Baird reissued a “hold” rating and set a $25.00 target price on shares of Associated Banc in a research note on Friday, August 25th. Finally, ValuEngine lowered shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating and thirteen have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and an average target price of $25.91.
Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. Associated Banc had a net margin of 19.54% and a return on equity of 7.81%. The firm had revenue of $276.02 million for the quarter, compared to analyst estimates of $276.88 million. During the same period last year, the firm earned $0.31 earnings per share. equities research analysts anticipate that Associated Banc-Corp will post 1.5 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $0.3828 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.53 annualized dividend and a dividend yield of 6.12%. Associated Banc’s dividend payout ratio is currently 38.36%.
In other news, CEO Philip B. Flynn sold 10,000 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $25.25, for a total value of $252,500.00. Following the completion of the sale, the chief executive officer now owns 127,585 shares in the company, valued at $3,221,521.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William R. Hutchinson sold 4,632 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $25.70, for a total transaction of $119,042.40. Following the completion of the sale, the director now owns 91,209 shares of the company’s stock, valued at approximately $2,344,071.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,426 shares of company stock valued at $1,558,805. 1.80% of the stock is currently owned by corporate insiders.
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Associated Banc Profile
Associated Banc-Corp is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a range of banking and non-banking products and services to individuals. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business, and Risk Management and Shared Services.
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